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Owning a home stands as a major financial objective for many. While the prospect of buying a home might sound challenging but the benefits of home ownership goes beyond leaving a legacy for future generations besides creating equity a home can generate A passive income for you through renting when you’re not using it. But not everybody has the immediate funds to buy a property outright. That’s where HDFC home loan Gurgaon comes in the picture.

Understanding Home Loan

Before you apply for home loan in Delhi NCR you must know what it is all about. A home loan is Prominently known as mortgage. It is a special design to help you in financing the purchase of real estate the loan is provided by lenders like us. We can help you cover the required funds for buying a home. Repayment basically happen over a period of predetermined term that is around 15 to 30 years including home loan interest rate.

The loan amount and the interest rate will depend on different factors like credit score income and the down payment size generally a higher credit score and a larger down payment can help you get more favorable terms. It is very important for you to understand that obtaining a home loan is a financial commitment. You need to plan don't have a budget to ensure manageable monthly installments alongside other living expenses.

Different Types of Home Loans

Home Loan for Land Purchase

You can get home loan Faridabad for construction purposes. We will evaluate your property value and creditworthiness when providing this loan. Typically cement will range from 10% to 50% of the purchase price.

Home Purchase Loan

If you're looking for a home loan in Ghaziabad then you need to know that home purchase loan is one of the most common loans. It is customized for buying preconstructed homes. There are different variants available subject to different interest rates. Generally you can get a loan at 85% of the total cost of the home with the remaining 15% you have to arrange. You can get the home loan rates anywhere between 9.85% to 11.25%.

Construction Loans

You must know that home construction loans are specially designed for financing new home construction. These loans disburse all the funds directly to the builder based on the progress. The terms and conditions include detailed plan project budget and a down payment.

Extension Loans

The home improvement loan rates is basically given for home extension or renovation. It uses the existing property without selling or moving. The terms and conditions will depend on the project cost estimates and the proof of income. The longer repayment time might make monthly payments really manageable.

Home Improvement Loans

You can get a home renovation loan for upgrades or improving your home sale you. The conditions might vary. You need to pay a higher interest rate because these loans are basically unsecured. The best part about applying for this loan is that the application process is completely quick.

Benefits of Housing Loan

The real estate in India tends to appreciate with time making a property purchased with a home loan a significant investment. As the value of the property rises so does your equity in the property.

You must know that the home loan interest rates in India are basically competitive and they are generally lower than other rates for other loan types this makes home loan as an attractive option for affordable financing.

You must know that home loans provide you flexible repayment options allowing you to customize your EMI to suit your financial circumstances. This flexibility ensures manageable payments within your Budget

The main benefit is fulfilling the dream of your home ownership. With the home loan you can purchase a property and gradually pay it off. It transforms your dream into reality.

In some cases home loans can also be used for different objectives beyond property acquisition like funding education or initiating a business the flexibility supports long term financial objectives.

Tax Benefits of House Building Loan

You can claim a reduction of at least 1,50,000 INR for the repayment of the principal amount under section 80C of the Income Tax Act 1961. It is applicable for both self-occupied and rented properties.
If you're a first time home buyer then you can claim an additional reduction of around ₹50,000 under section 80 EES of the Income Tax Act it is subject to specific criteria for
If you are in a joint home loan arrangement then you can claim a separate deduction for principal and interest repayment

You can get a reduction of around ₹2,00,000 for interest paid on the home loan it is permissible under section 24B of the Income Tax Act 1961. It is applicable for both self- occupied and rented properties.
You can easily claim pre construction interest deductions for a specific term after the completion of the property construction.
There are some deductions that you can claim for stamp duty and registration charges under section 80C. It is subject to a maximum limit.

Factors to consider before taking a home loan

The eligibility criteria will depend on the age income credit score and the employment status.

Documents Required for Salaried and Self-Employed Individuals

Salaried Individuals

Form 16
Employee Identity Card
Employer’s Certified Letter
Increment or Promotion letter
3 Months Salary Slip
6 Month Bank Account Statement

Self-Employed Private Limited Company

One Passport Size Photograph signed a crossed.
Photo ID Proof / DOB Proof (PAN Card / Passport /Driving License)
Residence Proof (Passport/Voter ID/Aadhaar Card/Driving Licence).
Office Address Proof (Rent or Lease Agreement / Electricity Bill/ GST registration certificate).
Up-to-date 1 Year Saving A/c. Bank statement (Individual).
Up-to-date Latest 1 Year All Current A/c. Bank Statement company (All Bank a/c’s).
Obligation Details (if any OD or CC Limits with Sanction Letter OR any Car Loans, Personal Loans, Business Loans, & Term Loans).
Last 3-Yrs ITR with Computation of income, P&L a/c & Balance sheet (with all annexure, schedules, Audit Reports & form 3cb/3cd) of all applicants & company.
Provisional ITR of the company & copy of advance tax challans & TDS Certificates (if any).
Form 26 AS for the last three years.
GST registration certificate and one year GST 3BR returns for the last one year.
Detailed Firm/Company Profile.
MOA/AOA of Company
Latest Share Holding Patterns & List of Directors certified by C.A. with Latest Annual Returns.
One Cheque for Processing.
Higher Qualification Proof(As per profile)
Property Document with MAP.

Self-Employed Partnership Firm

One Passport Size Photograph signed a crossed.
Photo ID Proof / DOB Proof (PAN Card / Passport /Driving License)
Residence Proof (Passport/Voter ID/Aadhaar Card/Driving Licence).
Office Address Proof (Rent or Lease Agreement / Electricity Bill/ GST registration certificate).
Up-to-date 1 Year Saving A/c. Bank statement (Individual).
Up-to-date Latest 1 Year All Current A/c. Bank Statement company (All Bank a/c’s).
Obligation Details (if any OD or CC Limits with Sanction Letter OR any Car Loans, Personal Loans, Business Loans, & Term Loans).
Last 3-Yrs ITR with Computation of income, P&L a/c & Balance sheet (with all annexure, schedules, Audit Reports & form 3cb/3cd) of all applicants & company.
Provisional ITR of the company & copy of advance tax challans & TDS Certificates (if any).
Form 26 AS for the last three years.
Partnership deed
GST registration certificate and one year GST 3BR returns for the last one year.
Detailed Firm/Company Profile.
MOA/AOA of Company
Latest Share Holding Patterns & List of Directors certified by C.A. with Latest Annual Returns.
One Cheque for Processing.
Higher Qualification Proof(As per profile)
Property Document with MAP.

Self-Employed Proprietor Firm

One Passport Size Photograph signed a crossed.
Photo ID Proof / DOB Proof (PAN Card / Passport /Driving License)
Residence Proof (Passport/Voter ID/Aadhaar Card/Driving Licence).
Office Address Proof (Rent or Lease Agreement / Electricity Bill/ GST registration certificate).
Up-to-date 1 Year Saving A/c. Bank statement (Individual).
Up-to-date Latest 1 Year All Current A/c. Bank Statement company (All Bank a/c’s).
Obligation Details (if any OD or CC Limits with Sanction Letter OR any Car Loans, Personal Loans, Business Loans, & Term Loans).
Last 3-Yrs ITR with Computation of income, P&L a/c & Balance sheet (with all annexure, schedules, Audit Reports & form 3cb/3cd) of all applicants & company.
Provisional ITR of the company & copy of advance tax challans & TDS Certificates (if any).
Form 26 AS for the last three years.
GST registration certificate and one year GST 3BR returns for the last one year.
Detailed Firm/Company Profile.
MOA/AOA of Company
Latest Share Holding Patterns & List of Directors certified by C.A. with Latest Annual Returns.
One Cheque for Processing.
Higher Qualification Proof(As per profile)
Property Document with MAP.

Why Choose Us

If you’re looking for the best home loan interest rates then you need to look no further as we have got your back. You can get the best home loan from us. You can visit our website and check out the different types of home loans available. You can choose the one that aligns with your goals and preferences.